Prince Rupert homeowners will see an increase in property assessment values in January 2021 when they receive their notices of assessment, BC Assessment said on Jan. 4. (Photo: K-J Millar/The Northern View)

Prince Rupert homeowners will see an increase in property assessment values in January 2021 when they receive their notices of assessment, BC Assessment said on Jan. 4. (Photo: K-J Millar/The Northern View)

BC Assessment sends out residential property assessment notices

Prince Rupert and neighbouring municipalities property values increase

Prince Rupert homeowners will see an increase in their property values when they receive their 2021 B.C. property assessments in the mail after Jan. 4th. The increase in residential assessment, for the city, is seven per cent as of July 1, 2020, with the average house evaluation increasing from $276,000 to $296,000.

Neighbouring municipalities of Port Edward saw an increase of two per cent with the values stepping up from $187,000 per property to $191,000. Terrace will see an increase of just one per cent from $373,000 to $375,000 for the average home, with Kitimat dropping from $332,000 to $330,000, a decline of one per cent.

Haida Gwaii homes will experience an increase in Masset of seven per cent, bringing the assessed value of a typical home to $128,000 up from $101,000, while in Queen Charlotte an eight per cent increase will bring the average home to be valued at $234,000 up from $217,000.

“For most of Northern B.C.’s homes, there has been a moderate increase compared to last year’s assessments,” Jarret Krantz deputy assessor with BC Assessment, said. “In some instances, there has been a larger increase in rural areas within the region, particularly with lakefront properties.”

The assessments are an estimate of the market trends for single-family residential properties based on median data collected by BC Assessment. They reflect the property’s market value as of July 1, 2020 and the physical condition as of Oct. 31, 2020. The Northern B.C. region encompasses approximately 70 per cent of the province stretching east to the Alberta border, north to the Yukon border, west to Bella Coola including Haida Gwaii, and to the south, just north of Clinton.

Over 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” Krantz said. “As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”

For homeowners who feel their property assessment does not reflect the market value as of July 1, 2020, or if they see incorrect information on the notice, they should contact BC Assessment as soon as possible in January, he said.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by February 1st, for an independent review by a Property Assessment Review Panel,” Krantz said.

Overall, Northern B.C.’s total assessments increased from more than $69 billion in 2020 to more than $72 billion this year, BC Assessment said, in a statement on Jan. 4. A total of about $707 million of the region’s updated assessments are from new construction, subdivisions, and rezoning of properties.

According to BC Assessment, the total number of properties on the 2021 provincial roll is 2,114,885 with the total value of real estate at $2.01 trillion. Throughout the province, just less than 88 per cent of all properties are classified with some residential (Class 1) component. This equates to about $1.5 trillion of the value on the total provincial roll.


 
K-J Millar | Journalist 
Send K-J email
Like the The Northern View on Facebook
Follow us on Twitter